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Cardano, the eighth-largest cryptocurrency by market capitalization, might be on track for an 80% upside move if a signal spotted on its price chart is validated.
According to Ali, a crypto analyst, a promising buy signal has emerged on the Cardano daily chart. This signal, he says, was triggered by a recent touch of the 0.618 Fibonacci retracement level.
Ali believes that if this signal holds, ADA could break past the $0.55 resistance, potentially paving the way to higher targets at $0.69 and possibly even reaching $0.93.
A climb to $0.93 might imply an 82% rise from current prices. At the time of writing, Cardano was down 2.92% in the last 24 hours to $0.4977.
The crypto market is seeing a drop as expectations heighten ahead of the SEC's decision on a Bitcoin spot ETF. The U.S. Securities and Exchange Commission said on Tuesday that someone briefly entered its X social media account and posted a phony statement claiming that it had approved Bitcoin exchange-traded funds (ETFs), causing market volatility.
ADA is also marking a price drop as a result of the market declines. Despite this, Ali believes that the ADA price remains on track, echoing its 2018-2020 price pattern.
If this trend continues, Ali predicts that ADA might consolidate around its current levels until April, setting the stage for a potential resumption of the bull run.
Cardano sees $3.7 million inflows to start 2024
According to the most recent CoinShares report, digital asset investment products saw inflows totaling $151 million in the first week of 2024.
Bitcoin saw the largest share of inflows at $113 million, with total inflows over the last nine weeks representing 3.2% of AuM. Cardano also saw notable inflows of $3.7 million.
In separate news, the Cardano lightweight wallet Lace announces the first Lace release of 2024, the Lace 1.8.1 release, which resolves a bug with the signData method failing.
Mushumir Butt
